NYKAA

Adds details and context on the sector throughout

By Kashish Tandon

May 21 (Reuters) - India's Nykaa FSNE.NS on Thursday reported its highest ever quarterly profit since listing in 2021, as the beauty retailer leans into premium offerings and higher-margin in-house brands.

Nykaa, formally known as FSN E-Commerce Ventures, posted a profit of 783.8 million rupees ($8.2 million) for the fourth quarter ended March 31, nearly quadrupling from a year earlier and also marking its strongest profit growth since the IPO.

The results reflect the company's renewed focus on profitability from its growth-at-all-costs approach during its nascent years.

For the quarter, Nykaa's core beauty business remained the primary growth and profit engine, delivering a 27% growth in sales.

Anchit Nayar, CEO of the firm's beauty unit, attributed the growth to strong traffic and the investments into bringing new visitors to the platform. That is leading to very strong conversion as well as unique transacting customers who are placing multiple orders in the year, he added.

The company's overall EBITDA margin expanded to 8.4% in the quarter, also the highest on record, from 6.5% a year earlier.

Meanwhile, the fashion vertical - usually a drag on earnings - showed signs of a turnaround, with EBITDA margins breaking even in the March quarter from deep losses a year earlier, helped by faster revenue growth and tighter cost discipline.

Nykaa's total revenue rose 28.4% to 26.48 billion rupees in the quarter.

For the full year ended March 31, its gross merchandise value jumped 28% to 199.63 billion rupees.

Nykaa has also been increasingly banking on its portfolio of owned labels, or "House of Nykaa", to lift margins. That segment grew 49% year-on-year in sales value for the fiscal year, buoyed by strong traction in brands such as Dot & Key and Kay Beauty.

($1 = 96.2000 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala and Janane Venkatraman)

((Kashish.Tandon@thomsonreuters.com; 8800437922;))

Repeats story published on May 6. No change to text

By Aditya Kalra

NEW DELHI, May 6 (Reuters) - India's Zee Entertainment ZEE.NS has sued the Reliance-Disney joint venture, the country's biggest entertainment company, alleging it used Zee's copyrighted music after licence agreements expired, court documents show.

Zee is seeking $3 million in damages, alleging unauthorised use and exploitation of works from its music division on the Reliance-Disney streaming platform and some of its TV channels, according to previously unreported court papers seen by Reuters.

The lawsuit, filed in New Delhi and reported by Reuters for the first time, marks the latest legal clash between Zee and the group formed from Reliance and Disney's $8.5 billion merger in 2024. The dispute underscores rising tensions over content rights as India's streaming and broadcast market consolidates.

Zee and JioStar, the name of the Reliance-Disney venture led by Indian billionaire Mukesh Ambani's Reliance RELI.NS, declined to comment.

Zee and Reliance are also locked in arbitration in London, where Reliance is seeking $1 billion in damages from Zee for quitting a cricket licensing deal in 2024. Zee denies any wrongdoing and is contesting the demand.

In its 1,800-page lawsuit filed on April 14, Zee alleges that Reliance-Disney used its music at least 50 times after certain licensing agreements expired in 2024 and 2025 and were not renewed due to disagreements over commercial terms.

"The illegal exploitation thereof amounted to copyright infringement," Zee said in the filing, asking the court to stop any ongoing infringements of its music works.

JioStar owns a library of thousands of shows and broadcast rights for top sporting events across its TV channels and its streaming app JioHotstar, India's biggest with about 500 million monthly users.

Zee, one of India's oldest media groups, also has several TV channels and a streaming app, and says it owns a catalogue of more than 19,450 songs in 17 languages.

RELIANCE REJECTED DAMAGES DEMAND

The case was briefly heard on Tuesday, when the judge asked JioStar to ensure there is no ongoing infringement of Zee's works on its platforms while the matter is heard, and to comply within 15 days, according to a source with direct knowledge.

The next hearing is scheduled for July 23.

The lawsuit comes amid Zee's broader push against what it says is abuse of its music catalogue. Reuters reported on Tuesday that Zee has sued fashion-to-beauty retailer Nykaa FSNE.NS, alleging it used Zee's copyrighted songs in Instagram reels to promote products, and is seeking $210,000 in damages.

In the case against JioStar, Zee says its music was infringed across music and dance shows that appeared on TV and the streaming platform.

Court papers show Zee and JioStar have held discussions in recent months and exchanged several letters and legal notices over the disputed use of music.

In December, JioStar told Zee it had "taken extensive steps to remove any infringing content across its portfolio", including legacy programming.

However, it said residual and passive archival hosting did not amount to infringement or unlawful communication, a position Zee disputes, the documents show.

JioStar "categorically rejects" the "coercive demands" for damages, it said in a letter dated March 16, adding that it "remains open to an amicable and commercially sensible solution".

(Reporting by Aditya Kalra; Additional reporting by Munsif Vengattil and Arpan Chaturvedi; Editing by Mark Potter)

((Email: aditya.kalra@tr.com; X: @adityakalra;))

Removes extraneous million next to $1 billion figure in paragraph 5

By Aditya Kalra

NEW DELHI, May 6 (Reuters) - India's Zee Entertainment ZEE.NS has sued the Reliance-Disney joint venture, the country's biggest entertainment company, alleging it used Zee's copyrighted music after licence agreements expired, court documents show.

Zee is seeking $3 million in damages, alleging unauthorised use and exploitation of works from its music division on the Reliance-Disney streaming platform and some of its TV channels, according to previously unreported court papers seen by Reuters.

The lawsuit, filed in New Delhi and reported by Reuters for the first time, marks the latest legal clash between Zee and the group formed from Reliance and Disney's $8.5 billion merger in 2024. The dispute underscores rising tensions over content rights as India's streaming and broadcast market consolidates.

Zee and JioStar, the name of the Reliance-Disney venture led by Indian billionaire Mukesh Ambani's Reliance RELI.NS, declined to comment.

Zee and Reliance are also locked in arbitration in London, where Reliance is seeking $1 billion in damages from Zee for quitting a cricket licensing deal in 2024. Zee denies any wrongdoing and is contesting the demand.

In its 1,800-page lawsuit filed on April 14, Zee alleges that Reliance-Disney used its music at least 50 times after certain licensing agreements expired in 2024 and 2025 and were not renewed due to disagreements over commercial terms.

"The illegal exploitation thereof amounted to copyright infringement," Zee said in the filing, asking the court to stop any ongoing infringements of its music works.

JioStar owns a library of thousands of shows and broadcast rights for top sporting events across its TV channels and its streaming app JioHotstar, India's biggest with about 500 million monthly users.

Zee, one of India's oldest media groups, also has several TV channels and a streaming app, and says it owns a catalogue of more than 19,450 songs in 17 languages.

RELIANCE REJECTED DAMAGES DEMAND

The case was briefly heard on Tuesday, when the judge asked JioStar to ensure there is no ongoing infringement of Zee's works on its platforms while the matter is heard, and to comply within 15 days, according to a source with direct knowledge.

The next hearing is scheduled for July 23.

The lawsuit comes amid Zee's broader push against what it says is abuse of its music catalogue. Reuters reported on Tuesday that Zee has sued fashion-to-beauty retailer Nykaa FSNE.NS, alleging it used Zee's copyrighted songs in Instagram reels to promote products, and is seeking $210,000 in damages.

In the case against JioStar, Zee says its music was infringed across music and dance shows that appeared on TV and the streaming platform.

Court papers show Zee and JioStar have held discussions in recent months and exchanged several letters and legal notices over the disputed use of music.

In December, JioStar told Zee it had "taken extensive steps to remove any infringing content across its portfolio", including legacy programming.

However, it said residual and passive archival hosting did not amount to infringement or unlawful communication, a position Zee disputes, the documents show.

JioStar "categorically rejects" the "coercive demands" for damages, it said in a letter dated March 16, adding that it "remains open to an amicable and commercially sensible solution".

(Reporting by Aditya Kalra. Additional reporting by Munsif Vengattil and Arpan Chaturvedi. Editing by Mark Potter)

((Email: aditya.kalra@tr.com; X: @adityakalra;))

Adds details and background of lawsuit, lawyer comment from paragraphs 8-12

By Aditya Kalra and Arpan Chaturvedi

NEW DELHI, May 5 (Reuters) - India's Zee Entertainment ZEE.NS has sued fashion-to-beauty retailer Nykaa FSNE.NS for allegedly using its copyrighted songs in Instagram reels to promote its products, seeking $210,000 in damages, previously unreported court documents show.

In an April 3 lawsuit filed in the Delhi High Court, Zee argued it has a licensing agreement with Meta Platforms META.O that allows individuals to use its music in Instagram posts for non-commercial use, but said Nykaa had used several of Zee's copyrighted songs in reels to promote products to millions of followers.

The lawsuit documents are not public but were reviewed by Reuters. Nykaa and Zee both declined to comment on the lawsuit.

Short-video formats have become a key advertising tool for brands on social media platforms like Meta's Instagram, often featuring popular Hindi songs as background music.

TWELVE FLAGGED LINKS TAKEN DOWN

Zee listed 12 Instagram reels in its lawsuit, along with screenshots, where Nykaa allegedly used Zee's licensed music to promote its products in social media posts.

In a brief hearing on Thursday, Nykaa's lawyer told the court that the 12 flagged links had been taken down, according to a court order which has not previously been reported.

Nykaa allegedly used the music "without securing any permissions/authorisations from" Zee, according to the over 900-page lawsuit.

Zee has asked the court to award 20 million rupees ($209,742) as compensation over Nykaa's illegal use of its music, the lawsuit said.

Zee and Nykaa are big listed players in their respective sectors in India, and legal experts said the case could have wider implications.

"Marketing departments often use content available on music libraries without reading the fine print of the Instagram terms" and the decision should "provide much-needed clarity," said Aditya Gupta, a partner at India's Ira Law.

The case will next be heard on May 26.

(Reporting by Arpan Chaturvedi; Editing by Bernadette Baum)

((Arpan.Chaturvedi@thomsonreuters.com;))

April 7 (Reuters) - ** Beauty retailer Nykaa expects net revenue to rise in late-20% range in Q4FY26, its fastest in three years

** Nykaa parent FSN E-Commerce Ventures FSNE.NS shares down 2% at 247.45 rupees on Tuesday

FASTER GROWTH MEETS VALUATION WORRIES

** BofA Global Research ("underperform", PT: 220 rupees) says data suggests Nykaa's momentum in both beauty and fashion businesses remains steady with limited competitive intensity uptake

** "We reiterate underperform rating on Nykaa primarily due to expensive valuation" - BofA

** Citi ("sell," PT: 215 rupees) says consumer internet and discretionary stocks trade at 30–45x FY28 EV/EBITDA and values Nykaa near top of the range due to faster growth, higher margins

** Investec ("hold," PT: $271) says while Nykaa's performance continues to impress, valuations continue to remain elevated, leaving limited upside

(Reporting by Abhinav Parmar in Bengaluru)

((Abhinav.Parmar@thomsonreuters.com;))

Adds full year forecast and division performance details

April 6 (Reuters) - Indian fashion-to-beauty retailer Nykaa FSNE.NS said on Monday it expects net revenue to grow in the late-20% range in the fourth quarter of fiscal 2026, its fastest in three years, led by improved fashion sales and steady demand in its beauty segment.

Shares rose as much as 3.9% to a more than three-week high.

Here are more details:

• The retailer said fourth-quarter consolidated net sales value (NSV) is expected grow in the early-30% range, while consolidated gross merchandise value (GMV) - the total monetary value of goods or services sold through the platform - is forecast to rise in the late-20% range.

• Nykaa's beauty business is expected to post growth in the late-20% range in the quarter, supported by improvement across categories.

• The fashion segment, which has seen a steady revival since the start of fiscal 2026, is expected to strengthen further in the fourth quarter.

• The company forecast late-20% GMV growth for the fashion vertical, with NSV growth tracking higher in the early-40% range.

• For the full fiscal year, Nykaa expects net revenue to improve towards the upper end of the mid-20% range.

• The retailer's Middle East exposure stands at below 1% of overall revenue and the company has not seen any material impact from the ongoing conflict.

(Reporting by Urvi Dugar in Bengaluru; Editing by Sumana Nandy)

((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))

March 4 (Reuters) - AmorePacific Corp 090430.KS:

• NYKAA LAUNCHES ILLIYOON STRENGTHENING STRATEGIC TIES WITH AMOREPACIFIC - STATEMENT

Source text: [ID:]

Further company coverage: 090430.KS

((Reuters.Briefs@thomsonreuters.com;))

**Shares of Indian fashion-to-beauty retailer Nykaa NYKA.NS up 4% to 268.52 rupees

**Co, formally known as FSN E-Commerce Ventures posted a more than two-fold rise is Q3 consol profit to 633.1 million rupees

**Jefferies ("Buy"; PT: 315 rupees) says co reported an exceptional result at a time when several firms across consumption categories have blamed tough macro, GST rollout and shift in festive season for a weak Q3 performance

**Goldman Sachs ("Neutral"; PT: 240 rupees) says encouraged by co's ability to fend off competition, partly due to its own timely pivot to quick deliveries; forecasts revenue growth at CAGR of 24% from FY26E to FY28E

**Stock rated as "Hold" on average by 23 analysts; median PT at 260 rupees as per data compiled by LSEG

**More than 14.2 million shares change hands vs 30 day avg of 5.6 million shares

**Stock rose 61.9% in 2025 and YTD up 8.1%

(Reporting by Mridula Kumar in Bengaluru)

((Mridula.Kumar@thomsonreuters.com;))

Feb 5 (Reuters) - Indian fashion-to-beauty retailer Nykaa FSNE.NS posted a more than two-fold jump in quarterly profit on Thursday, helped by steady demand for skincare and makeup products.

The company, formally known as FSN E-Commerce Ventures, posted a profit of 633.1 million rupees ($7.01 million) for the third quarter ended December 31, compared to 261.2 million rupees a year ago.

Demand for beauty products has held up despite broader pressure on Indian consumer spending, with shoppers splurging on premium items from Shiseido 4911.T, Estee Lauder EL.N and local brands such as Kay Beauty.

Its biggest segment, beauty, posted a 27% rise in revenue to 26.22 billion rupees. Nykaa added 11 new stores and entered four new cities during the quarter, taking its total count to 276 beauty stores.

Overall revenue climbed 27% to 28.73 billion rupees.

Earnings before interest, taxes, depreciation, and amortisation margins expanded to 8%, compared to 6.2% a year earlier, supported by a greater focus on premium offerings.

($1 = 90.3070 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru and Praveen Paramasivam in Chennai; Editing by Nivedita Bhattacharjee)

((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))

** Nykaa parent FSN E-Commerce Ventures FSNE.NS climbs 2.4% to 245.59 rupees

** The beauty e-tailer says growth accelerated in Q2; GMV - gross merchandise value - is expected to rise to thirties from mid-twenties in last few quarters

** Says beauty business saw strong growth from Dot & Key skincare brand acquisition as well as from home brands Kay Beauty and Nykaa Cosmetics

** Adds that consol net revenue growth is expected to be in mid-twenties in Q2 on festive demand boost

** Stock rated "hold" on avg, median PT at 223.49 rupees - data compiled by LSEG

** YTD, stock up ~55%

(Reporting by Manvi Pant in Bengaluru)

((Manvi.Pant@thomsonreuters.com; +918447554364;))

Corrects paragraph 2 to say comments were in a report

By Praveen Paramasivam

CHENNAI, Aug 21 (Reuters) - From Japan's Shiseido 4911.T to France's L'Oreal OREP.PA, global cosmetics giants are doubling down on India, betting on the world's most populous nation as a key growth market for premium offerings while sales slow in developed economies.

India's luxury beauty market is expected to quintuple to $4 billion by 2035 from $800 million in 2023, driven by its young, affluent, social-media savvy shoppers with rising disposable incomes, consulting firm Kearney and luxury beauty distributor LUXASIA said in a report.

Luxury beauty makes up just 4% of the $21-billion beauty and personal care market, compared with 8% to 24% across top Southeast Asian countries and 25% to 48% in developed markets including China and the United States.

That means there is plenty of room for growth.

"India is the last bastion of growth for premium beauty," said Sameer Jindal, managing director for investment bank Houlihan Lokey's corporate finance business in India.

"The Indian consumer is willing to experiment and try out new things."

U.S. beauty giant Estee Lauder EL.N, home to the brands Clinique and MAC, expects a strong runway for expansion and long-term growth in India, even as it grapples with soft sales in the Americas and Asia-Pacific.

"India today, within the Estee Lauder network, is looked at as one of the priority emerging markets," said country general manager Rohan Vaziralli, highlighting plans to initially target 60 million women in the nation of more than 1.4 billion.

Homemaker R. Priyanka, based in the southern city of Chennai, said she was thrilled to have better access to Estee Lauder's Jo Malone London fragrance in India, as a benefit of the companies' efforts.

"It is easier than asking someone (abroad) to get it for you every time," she added.

While global beauty brands might have to modify some of their products for India, which bakes in sultry temperatures in summer and oppressive humidity at other times, they face little competition from homegrown brands.

Kearney and LUXASIA identified only Forest Essentials and Kama Ayurveda as their major rivals, underscoring how domestic brands make up less than a tenth of luxury beauty sales.

In the more established markets of China, Japan and South Korea by comparison, domestic brands account for a 40% share.

"There is, of course, a premium perception gap between globally established brands and Indian brands," said Devangshu Dutta, founder of retail consultancy Third Eyesight.

Global beauty giants' huge marketing budgets also give them an edge over domestic brands, other industry watchers said.

WOOING INDIAN SHOPPERS

Estee Lauder is studying online sales patterns to identify the smaller cities to target, such as Siliguri in West Bengal state, partnering with designers such as Sabyasachi Mukherjee, and launching products such as kohl, an eyeliner Indians favour.

It has also invested in Forest Essentials, a brand with herbal ingredients, and in a programme offering funding to domestic beauty start-ups.

This year France's L'Oreal said it was investing more in India and tapping into the "elevated beauty desires" of the nation's young, digitally savvy, empowered women shoppers to drive growth. It declined further comment.

South Korea's Amorepacific 090430.KS, known for brands such as Innisfree and Etude, is trying to leverage the Korean beauty craze in India with products geared to the market.

These include items for the popular "cleanser, serum, moisturiser, and sunscreen" beauty regimen, the country head, Paul Lee, said.

Japan's Shiseido, with a history of more than 150 years, brought its NARS brand to Indian beauty retailer Nykaa's FSNE.NS website this year, and plans to step up growth of its brands in the subcontinent.

Global brands are very excited about India, where consumers are splurging more to stay on top of trends such as "cherry makeup", Nykaa co-founder Adwaita Nayar said, referring to a look featuring flushed cheeks, glossy lips, and soft pink eyes.

Amazon AMZN.O, which has also been seeing a big boom in beauty demand in India, aims to identify emerging global trends and bring in more brands, said Siddharth Bhagat, director of beauty and fashion at the e-commerce company in India.

Retailer Shoppers Stop SHOP.NS, which also pioneers foreign labels, plans to open 15 to 20 beauty stores in each of the next three years to boost its revenue from the segment to a quarter from less than a fifth now, its beauty business CEO Biju Kassim said.

(Reporting by Praveen Paramasivam in Chennai; Editing by Dhanya Skariachan and Clarence Fernandez)

((Praveen.Paramasivam@thomsonreuters.com; +91 867-525-3569;))

** Nykaa's FSNE.NS shares rise 4% to 212.49 rupees

** Beauty products retailer's parent posted Q1 profit that more than doubled Y/Y, rev up 24% Y/Y

** Co says growth driven by reaching more customers across online and offline stores and offering higher-end products

** Jefferies ("buy", PT: 250 rupees) says Nykaa's own brands saw growth in annualised gross merchandise value run-rate, with Nykaa Cosmetics and Kay Beauty "scaling up well"

** Ambit Insights ("buy", PT: 243 rupees) says strong execution in BPC segment and margin improvement on lower losses in Fashion/eB2B should fuel FY25-28E revenue/EBITDA CAGR of 24%/45%

** 22 analysts covering the stock have a "hold" rating on average; median PT is 223.49 rupees - data compiled by LSEG

** Stock extends YTD gains to ~30%

(Reporting by Urvi Dugar)

((UrviManoj.Dugar@thomsonreuters.com))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to include updated CNBC-TV18 report in context news.

By Shritama Bose

MUMBAI, July 14 (Reuters Breakingviews) - Indian consumers are shaking a global giant awake. Last Thursday, Unilever ULVR.L named Priya Nair CEO of its local unit to replace Rohit Jawa, who will leave at the end of July after completing less than half of his term. The $150 billion maker of Dove soap is struggling to grow in its second-largest market. The new chief’s biggest task is refreshing the unit's stale business.

The management rejig, which fuelled a 5% surge in Hindustan Unilever’s (HUL) HLL.NS shares on Friday, follows a change of guard at the London-headquartered group and years of weak performance at the Indian unit. Over the past two years, HUL's sales grew just 2%, far behind Nestle NEST.NS which managed 9%. This bleak performance is captured in the Mumbai-listed shares. HUL trades at 52 times the unit’s expected earnings for 2025, lagging Nestle India, which trades at 68 times.

There are multiple reasons for this yawning gap. To start, the owner of the Lakme beauty brand is failing to keep up with homegrown challengers like $7 billion Nykaa NYKA.NS and $1 billion Honasa Consumer’s HONA.NS Mamaearth, which offer more differentiated beauty products to the well-heeled and upwardly mobile Indian consumers. At the lower end of the market, private labels are finding favour with shoppers on a budget. HUL reacted to the trend with a new strategy involving a $311 million acquisition of skincare brand Minimalist in January, among other things, but it needs to do more. It could consider adding Temasek-backed fast-growing packaged snacks maker Haldiram's to complement its portfolio. Introducing global brands like Ben & Jerry's ice cream or Maille condiments would offer an easy refresh of its India shelves too.

A shifting market structure has pulled the rug from under the vaunted distribution model of the Brooke Bond tea maker. Urban Indians are increasingly ordering everything from milk to lipstick through apps like Blinkit, backed by $28 billion food delivery champion Eternal ETEA.NS, which offers 10-minute deliveries and a superior product selection. HUL is yet to update its supply chains to keep up with the speedy replenishment this channel demands. This is a problem given this end of the grocery market is growing 70% annually, per Bernstein.

Nair currently presides over Unilever’s beauty business and is an old India hand. That sets her up nicely to tackle the aforementioned issues. And if she manages to revitalise the business, it will also help the larger Unilever group, which owns 62% of the Indian unit. But given how far Unilever's Indian business is lagging, the cleanup will take time.

Follow Shritama Bose on Linkedin and X.

CONTEXT NEWS

Unilever's Indian unit on July 10 said Priya Nair will take charge as its CEO on August 1. Nair currently serves as president of the London-headquartered company's beauty and wellbeing division.

She will take over from Rohit Jawa, who has held the top role at Hindustan Unilever since June 2023. Jawa will leave the group without completing his five-year tenure as CEO of the unit.

Hindustan Unilever's Mumbai-listed shares rose 5% on July 11, following the announcement.

The unit's chief financial officer, Ritesh Tiwari, is likely to step down from the function and be moved to a global role, CNBC-TV18 reported on July 11, citing unnamed sources. The report was later updated to remove the reference on his move to a global role.

(Editing by Aimee Donnellan; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/shritama.bose@thomsonreuters.com))

** India's Nykaa FSNE.NS falls nearly 5% to 201.5 rupees; on course for biggest daily pct losses in a month

** Banga family, one of the early investors in FSNE, to sell 2% stake for $140.3 million via block deal at 5.5% discount to Wednesday's closing price, per multiple news reports

** FSNE did not immediately respond to a Reuters request for comment

** More than 32 million shares traded, ~3.5x six-month average daily volume

** Harindarpal Singh Banga holds 4.97% stake in FSNE as of quarter ended March, exchange data shows

** Reuters was unable to reach Banga immediately

** YTD, FSNE up 23%

(Reporting by Vivek Kumar M)

((VivekKumar.M@thomsonreuters.com;))

July 2 (Reuters) - Fsn E-Commerce Ventures Ltd FSNE.NS:

• INDIA'S BANGA FAMILY LOOKS TO SELL 12.84 BILLION RUPEES STAKE IN NYKAA VIA BLOCK DEAL - NDTV PROFIT CITES SOURCES

Source text: [ID:]

Further company coverage: FSNE.NS

((Reuters.Briefs@thomsonreuters.com;;))

** India's Nykaa FSNE.NS, Coromandel International CORF.NS and Adani Energy Solutions ADAI.NS likely to enter MSCI India Standard index in May rebalancing, says JM Financial

** FSNE has high probability of inclusion, while CORF and ADAI have low probabilities

** Thermax THMX.NS likely to be excluded from the index as part of rebalancing

** Index provider MSCI to announce rejig on May 13, post market hours. Changes to be effective from June 3

** Rejig could lead to inflows between $200 million and $270 million each into CORF, FSNE and ADAI

** CORF, FSNE and ADAI up 0.6%, 0.9% and 1.9%, respectively on the day; THMX flat

(Reporting by Vivek Kumar M)

((VivekKumar.M@thomsonreuters.com;))

** Brokerage UBS upgrades rating on Nykaa FSNE.NS to "buy" from "neutral", cuts PT to 200 rupees from 205 rupees

** Despite challenging macro environment and entry of several well funded competitors, Nykaa has maintained "healthy" revenue growth in core beauty products segment at 20%-25%, UBS says

** Moreover, the beauty products retailer gets only 30% of its order value from top 8 cities and thus disruption from quick commerce is "manageable" - UBS

** Stock down 2% on Friday, set to snap four-session gaining streak

** Avg rating of 22 analysts on Nykaa at "buy"; median PT is 192.12 rupees - data compiled by LSEG

** Stock down 4.2% since it missed Q3 profit estimates in February

(Reporting by Kashish Tandon in Bengaluru)

((Kashish.tandon@thomsonreuters.com))

Feb 10 (Reuters) - Indian retailer Nykaa FSNE.NS reported a 61% surge in quarterly profit on Monday, as the company's marketing investments paid off with more consumers purchasing higher-priced beauty products on its online platform.

Listed as FSN E-Commerce Ventures, Nykaa posted a profit of 261.2 million rupees ($2.99 million) for the quarter ended Dec. 31, according to a regulatory filing.

Nykaa, to cash in on the turbocharged growth in the $28 billion Indian beauty and personal care industry, has been pouring money into marketing and co-developing a celebrity brand called Kay Beauty with Bollywood actor Katrina Kaif.

Nykaa's beauty business, which accounts for more than 90% of its topline, reported a 27% increase in revenue at 20.6 billion rupees in the quarter. The segment sells products from a spate of domestic and international premium brands, such as Estee Lauder EL.N and singer Rihanna's Fenty Beauty.

Total revenue rose 27% to 22.67 billion rupees, counterbalancing a 26% marketing cost-led jump in expenses. Marketing and advertisement expense rose 29% to 2.93 billion rupees.

"A lot of the growth has been driven by the big investments, which we've made over the past several quarters, ... around customer acquisition," Anchit Nayar, the CEO of Nykaa's beauty business, said on an earnings call.

Gross margin expanded by 119 basis points during the reported quarter as Nykaa sold more premium products that typically carry increased margins.

Nykaa's fashion business, which sells apparel and accounts for a tenth of its overall revenue, climbed 21% to 1.99 billion rupees.

Shares in Nykaa closed 2.3% lower at 169.44 rupees ahead of the results.

($1 = 87.4330 Indian rupees)

(Reporting by Praveen Paramasivam; Editing by Eileen Soreng)

((Praveen.Paramasivam@thomsonreuters.com; +91 867-525-3569;))

Jan 23 (Reuters) - FSN E-Commerce Ventures Ltd FSNE.NS:

• UNIT INCORPORATES NEW WHOLLY-OWNED SUBSIDIARY IN OMAN

Source text: [ID:]

Further company coverage: FSNE.NS

((Reuters.Briefs@thomsonreuters.com;;))

** FSN E-Commerce Ventures FSNE.NS rises as much as 5.2% to 176.60 rupees

** Beauty products retailer Nykaa's parent sees Q3 consol net rev growth higher than mid-twenties vs Q3 FY24's 22.3% growth

** Elara Capital said Q3 will be a seasonally strong quarter for FSNE, boosted by the wedding season

** Stock set for sixth consecutive session of gains

** More than 5 mln shares traded, 0.6x the 30-day avg

** Stock rated "hold" on avg; median PT is 200 rupees - LSEG

** FSNE fell 5.9% in 2024

(Reporting by Ashish Chandra in Bengaluru)

((ashish.chandra@thomsonreuters.com (+91 7982114624))

Nov 12 (Reuters) - Indian retailer Nykaa reported a 72% rise in its second-quarter profit on Tuesday as its mainstay beauty products segment continued to drive growth ahead of the festive season.

The company, listed as FSN E-Commerce Ventures FSNE.NS, said its consolidated net profit rose to 100.4 million rupees ($1.19 million) for the quarter ended Sept. 30 from 58.9 million rupees a year ago.

India's $28 billion beauty and personal care (BPC) market, which is expected to reach around $45 billion by 2030, is growing rapidly, mainly fuelled by demand from the growing middle class.

Nykaa's BPC segment, which also includes luxury brands such as Estee Lauder and Bobbi Brown and contributes 90% to the total revenue, reported a 24% jump in revenue.

The beauty products segment reported robust performance ahead of the festive season, Nykaa said in a quarterly update last month.

Its overall gross merchandise value (GMV) - the monetary value of all its orders, rose 29% to 36.53 billion rupees.

GMV from Nykaa's Fashion segment, which sells clothing, footwear and handbags, contracted to 10% from 27% a year ago.

India's apparel and cloth retailers reported subdued demand in the second quarter as consumers made fewer purchases amid high inflation.

Rival Shoppers Stop SHOP.NS reported a loss for the second straight quarter, while Tata Group-owned Trent posted its slowest revenue growth in 14 quarters.

Nykaa's total revenue rose 24% to 18.75 billion rupees during the quarter, while total expenses also rose 24% as it spent more on advertisement and marketing.

Nykaa's earnings before interest, tax, depreciation and amortization margin stayed largely flat at 5.5% compared to 5.4% a year ago.

($1 = 84.3670 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Eileen Soreng)

((AshnaTeresa.Britto@thomsonreuters.com;))

Oct 7 (Reuters) - Fsn E-Commerce Ventures Ltd FSNE.NS:

• FSN E-COMMERCE VENTURES- CONSOLIDATED NET REVENUE GROWTH OF MID-TWENTIES IN Q2 FY2025

• FSN E-COMMERCE VENTURES- BEAUTY VERTICAL DELIVERED NET REVENUE GROWTH IN MID-TWENTIES

• FSN E-COMMERCE VENTURES LTD - Q2 FASHION VERTICAL'S NSV GROWTH IS SEEN AT AROUND EARLY TEENS

Source text for Eikon: ID:nBSE1mBbfh

Further company coverage: FSNE.NS

((Reuters.Briefs@thomsonreuters.com;))

Sept 20 (Reuters) - Fsn E-Commerce Ventures Ltd FSNE.NS:

• NESSA INTERNATIONAL INCORPORATED NYSAA TRADING LLC

Source text for Eikon: ID:nBSEbDdWrk

Further company coverage: FSNE.NS

((Reuters.Briefs@thomsonreuters.com;;))

Aug 23 (Reuters) - Fsn E-Commerce Ventures Ltd FSNE.NS:

• ABU DHABI INVESTMENT AUTHORITY, INVESCO INDIA, MORGAN STANLEY AMONG BUYERS OF NYKAA SHARES VIA BLOCK DEALS - EXCHANGE DATA

• HARINDERPAL SINGH BANGA SOLD 40.9 MILLION SHARES OF NYKAA PARENT VIA BULK DEAL ON FRIDAY- EXCHANGE DATA

Source text for Eikon: [ID:]

Further company coverage: FSNE.NS

((Reuters.Briefs@thomsonreuters.com;;))

** Shares of FSN E-Commerce Ventures Ltd FSNE.NS up 13.6% at 218.90 rupees, set for best day since late October 2022

** Parent of beauty products e-tailer Nykaa rose as much as 18.5% earlier in session

** Around 2.4 mln shares traded in 6 separate block deals ranging between 205.39 rupees per shr and 227.33 rupees per shr - NSE data

** All block deals at a premium to FSNE's previous close of 192.62 rupees

** Overall, 66.2 mln shares traded, 6.6x 30-day avg volume

** Analysts rate FSNE "buy" on avg, in-line with internet peer Zomato ZOMT.NS - LSEG

** Stock extends YTD gains to 24%

(Reporting by Nandan Mandayam in Bengaluru)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

Aug 13 (Reuters) - Fsn E-Commerce Ventures Ltd FSNE.NS:

• Q1 CONSOL NET PROFIT 96.4 MILLION RUPEES; IBES EST. 226.8 MILLION RUPEES

• Q1 CONSOL REVENUE FROM OPERATIONS 17.46 BILLION RUPEES; IBES EST. 17.58 BILLION RUPEES

Further company coverage: FSNE.NS

((Reuters.Briefs@thomsonreuters.com;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, July 30(Reuters Breakingviews) - Indian equities are trading at eye-popping premiums, but a bit of caution is creeping into one corner of the market. SoftBank-backed 9984.T e-scooter maker Ola Electric on Monday launched its initial public offering, seeking a valuation of up to $4 billion. That's a quarter lower than its previous funding round in September, a sign that investor patience for unprofitable tech stars is running thin. It sends a warning to other upstarts eyeing a stock market debut.

It took Ola just three years to become the largest manufacturer of battery-run scooters in the world’s second-biggest market for two-wheelers, accounting for more than a third of sales during the year to the end of March. And its share is still growing.

It helps that the company founded by Bhavish Aggarwal has benefitted from New Delhi’s production-linked subsidies for making electric vehicles and the cells to fuel them. It expects to power its bikes with its own lithium batteries, starting next year.

Such stellar growth is appealing. Fidelity and Nomura are likely to be anchor investors, Reuters reported on Monday, citing unnamed sources with direct knowledge. Yet, the insistence on a down-round signals they want Ola’s valuation to hew closer to those of its listed competitors.

At the top end of its IPO price band, Ola’s enterprise value works out to $4.3 billion after accounting for outstanding debt and lease liabilities worth $325 million, according to Breakingviews calculations based on the company’s prospectus. That implies a multiple of 7 times its $600 million revenue for 2023 to 2024, higher than closest rival TVS Motor’s TVSM.NS 4.5 times and Bajaj Auto’s BAJA.NS 6 times. Both firms currently sell more gas guzzlers than EVs.

Profitability is front of mind for investors singed by the post-listing performance of India’s former tech poster children. Beauty retailer Nykaa’s parent FSN E-commerce FSNE.NS is trading at one-sixth its 2021 IPO price and Paytm owner One97 Communications’PAYT.NS losses are widening after regulators ordered its banking unit to wind down.

Aggarwal is betting on sales growth to drive margin gains. Using its own cells may also help Ola cut spending on a component constituting one-third of the overall cost of making an e-scooter, he said on Monday.

Investors are less willing to pay upfront for those gains. That’s a message for food delivery giant Swiggy, which has filed confidentially for a $1.3 billion float and whose bigger rival Zomato ZOMT.NS turned profitable in the last financial year.

Scale is still a big selling point in India, but it’s no longer an adequate one.

Follow @ShritamaBose on X

CONTEXT NEWS

SoftBank-backed Indian e-scooter maker Ola Electric will offer shares in a price band of 72-76 rupees ($0.86-$0.91) in its initial public offering, which will open on Aug. 2, the company said on July 29.

The offer is set to draw investor bids from Fidelity, Nomura and Norway's Norges Bank, as well as several Indian mutual funds, Reuters reported separately on the same day, citing two sources with direct knowledge.

(Editing by Antony Currie and Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/shritama.bose@thomsonreuters.com))

Corrects spelling of "forecast" in headline

** Shares of Nykaa parent FSN E-Commerce Ventures FSNE.NS swing to YTD gains after 2-day rally on upbeat FY26 forecast

** Stock last up ~2.7% on the day, adding to Friday's 2.4% increase and pushing stock to YTD gains of 1%

** Morgan Stanley says Nykaa's target of fashion business breaking even by FY26 is among "key positives"

** Macquarie Equity Research analysts "like" the breakeven aim, which is based on stronger premium positioning

** However, it flags muted margin outlook in mainstay beauty and personal care (BPC) segment; retains "underperform" rating

** FSNE, on an average, rated "buy" - LSEG data

** Nomura though, says FSNE may need to prioritise growth over margins in competitive fashion industry

** Trading vols 2x 30-day avg, but still trailing Friday vol

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))

** Shares of Nykaa parent FSN E-Commerce Ventures FSNE.NS rise 3.4% to 172.6 rupees

** Co says it expects EBITDA margin to improve by 2,000 bps in FY26 vs FY24

** It had reported a loss before interest, tax, depreciation and amortization margin of 10.3% in FY24

** Adds it expects advertisement rev recovery to boost profitability

** More than 14.5 mln shares change hands, 3.1x its 30-day avg

** Analysts covering the stock on avg have a "hold" rating; median PT 195 rupees - LSEG data

** Stock up ~3% so far this week

(Reporting by Ashna Teresa Britto in Bengaluru)

((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))

** Shares of FSN E-Commerce Ventures FSNE.NS rise as much as 4.6% in early trade, trims some gains to last trade 2.1% higher to 182.95 rupees

** Nykaa parent's Q4 profit surged three-fold Y/Y

** Stock on track to post a gain in six out of the last seven consecutive sessions

** Jefferies says co's margin should improve including in FY25 mainly led by fashion and co's business-to-business shop Superstore

** Analysts' avg rating is "buy", median PT is 185 rupees - LSEG data

** FSNE up 5.2% YTD

(Reporting by Varun Vyas in Bengaluru)

((varunvyas.hebbalalu@thomsonreuters.com))